Diplomats vow to promote Nepal as investment destination

KATHMANDU, April 21: Foreign diplomats have made commitment to promote Nepal as one of the lucrative destinations for investors in their respective countries.

Speaking at an interaction organized by the Ministry for Industry (MoI) on Thursday, they also said that they would do the needful for translating into action the letter of intent for investment signed by their government during Nepal Investment Summit held in Kathmandu in the first week of March.

The ministry had organized the interaction with diplomats of various countries as part of its follow-up efforts for translating the investment intent of nearly $13.52 billion received during the summit into action.

Lauding the recent reform initiatives along with recent passage of some laws and regulations related to investment, they also said that the implementation of these policies and legislations is a key to attracting foreign direct investment.

“When the (US) ambassador and I visited the Bhairahawa Special Economic Zone (SEZ) last month, we were very pleased to see that they have already got every spot contracted out for the prospective investor. Nineteen companies have signed up. However, they were not there yet as the SEC was yet to get the electricity and other infrastructures,” Michael C Gonzales, deputy chief of mission at the US Embassy in Kathmandu said. “So, seeing the implementation of the SEZ Act and elements of other second generation reforms is a key for drawing investment.”

Also speaking at the interaction, Saeed Al Naqbi, the head of mission of the UAE Embassy in Kathmandu, said that a delegation from his country was visiting Nepal in September to discuss on business and investment here.

Similarly, Masashi Ogawa, the ambassador of Japan to Nepal, advised that Nepal should offer competitive advantages to investors to come so that they are attracted toward Nepal instead of other countries.

Noting that Nepal has a good experience in promoting micro enterprises, Sophie Kemkhadze, deputy country director for United Nations Development Program (UNDP), said that the government should focus on infrastructure development to tap into the rural economy.